Bitcoin Price Coiling Up — Is a Surge Past $110K on Deck?

Bitcoin worth began a contemporary enhance above the $107,500 zone. BTC is now consolidating and may wrestle to proceed greater above the $110,000 resistance.

• Bitcoin began a contemporary enhance above the $108,500 zone.
• The worth is buying and selling above $108,000 and the 100 hourly Easy transferring common.
• There’s a short-term rising channel forming with help at $109,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may begin a contemporary enhance if it stays above the $107,850 zone.

Bitcoin Value Consolidates Features

Bitcoin worth began a contemporary enhance after it settled above the $105,500 resistance. BTC cleared many hurdles close to $107,000 to start out an honest enhance.

The bulls pushed the worth in a constructive zone above the $108,000 degree. The worth even spiked above the $110,000 degree earlier than the bears appeared. A excessive was shaped close to $110,578 and the worth is now consolidating positive aspects close to the 23.6% Fib retracement degree of the upward transfer from the $105,116 swing low to the $110,578 excessive.

Bitcoin is now buying and selling above $108,000 and the 100 hourly Easy transferring common. Moreover, there’s a short-term rising channel forming with help at $109,500 on the hourly chart of the BTC/USD pair.

On the upside, instant resistance is close to the $110,000 degree. The primary key resistance is close to the $110,500 degree. An in depth above the $110,500 resistance may ship the worth additional greater. Within the acknowledged case, the worth may rise and check the $112,000 resistance degree. Any extra positive aspects may ship the worth towards the $113,200 degree.

Draw back Correction In BTC?

If Bitcoin fails to rise above the $110,000 resistance zone, it may begin one other decline. Instant help is close to the $109,500 degree and the channel’s pattern line. The primary main help is close to the $108,800 degree.

The following help is now close to the $107,850 zone and the 50% Fib retracement degree of the upward transfer from the $105,116 swing low to the $110,578 excessive. Any extra losses may ship the worth towards the $106,400 help within the close to time period. The primary help sits at $105,000, beneath which BTC may proceed to maneuver down.

Technical indicators:

Hourly MACD – The MACD is now shedding tempo within the bullish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now above the 50 degree.

Main Assist Ranges – $108,800, adopted by $107,850.

Main Resistance Ranges – $110,000 and $110,500.